When you compare cost to results, you will always come out ahead
As a medium-sized company, you have more resources than a small business, but can still maintain a level of flexibility not present in large corporations. Although you have more money to work with, you still need to ensure that you spend it wisely. So, are you spending enough on public relations?
Large corporations typically invest $250,000 or more each year for outside PR agencies. Just because you may not be able to afford to do the same doesn’t mean you should forget about this vital area; it just means you must be more strategic in your PR spending to get more bang for your buck. What should you be spending on PR? The truth is that the answer is different for each company.
Are you using PR to its full advantage?
When companies seek to improve their reputations and tap into new technologies to reach target audiences, they turn to public relations. Many believe that this only relates to creating and distributing news releases, launching products or handling crises. However, PR can do so much more.
Tell your story. Today’s consumers want a company they can relate to and trust. You can often accomplish this when you discuss your path to success, struggles and all.
Distinguish yourself from the competition. It is crucial to articulate what unique qualities separate your company from the rest, and PR can help you communicate this in ways that advertising cannot.
Establish your company as a leader in your industry. Customers want to see that your company is dynamic and making things happen. In other words, they want to feel proud to associate with you. PR can help you highlight your expertise and win awards in your field to demonstrate thought leadership.
How much you pay for a PR firm depends on what you want to accomplish. For example, do you want help with one project or are you looking to run a multifaceted, long-term campaign? It is important to make this determination before deciding to hire a PR agency. Most medium-sized firms invest about $75,000 to $250,000 a year, or between one to five percent of revenue, on outside PR assistance.
3 reasons you should consider investing more in your public relations
- According to a study by the USC Annenberg Center for Public Relations, the PR agency business will grow from its current size of $14 billion to approximately $20 billion within a few years. This reflects an increased demand for quality content delivery across all channels and the recognition of what public relations work can do for a company’s branding, reputation, visibility and outreach goals. Even if you are not increasing your investment, rest assured that your competition is.
- A PR firm has the time to stay abreast of the latest communication trends and technology. Even if you already have in-house PR staff, they are likely too busy with all their daily responsibilities to properly explore avenues for growth in the profession.
- What you spend on PR is directly linked to how successful you want to be. With more effective measurement tools, PR can help your company reach its strategic goals. The right PR agency will show you how to use customer engagement, media relations and social media to improve your reputation, enhance brand recognition and influence consumer buying decisions.
At Axia Public Relations, we have a no-nonsense pricing policy so that you always know what you are paying for and how our efforts translate to your success. Contact us today for a pressure consultation or order our PR intelligence report, What Companies Spend on PR, to learn more.
Lisa Goldsberry is a writer for Axia Public Relations with more than 15 years of public relations experience. She specializes in business and technology PR. Lisa has worked for Axia since December 2013. Learn more about Lisa Goldsberry. Connect with Axia on Twitter @axiapr or tell us what you think in the comments below.